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Bank branches out to Spring Hill

Closing and consolidation are two words commonly associated with the banking industry recently, but a local Franklin-based operation is experiencing signs of growth during the recession era.

Franklin Synergy Bank opened its fifth location at 2035 Wall St., Spring Hill, on March 8. The Spring Hill branch functions primarily as a loan production office but also accepts deposits and new accounts, FSB Vice President Eddie Maynard said.

Richard Herrington, FSB president, said the bank opened its first branch in Nov. 2007 and its operations do not reflect what happened with other financial institutions, both locally and nationally. FSB operates other locations in Franklin and Brentwood.

Of banks headquartered in Tennessee, FSB started as the smallest operation in the state at No. 172. Today, the financial institution ranks as the 15th largest bank in Tennessee, Herrington said.

“We have grown to over $612 million in assets in a little over five years,” Herrington said. “While the banking industry has suffered greatly during this time, we have done extremely well.”

Herrington said Maury and Williamson counties are showing great signs of growth, as reflected in the bank’s loan data. In 2012, loans grew 35 percent — one of the fastest growing rates in the Southeast, Herrington said. Home loans closed at $210 million in 2012, he added.

Smaller, locally owned community banks often fare better than larger operations because of the personal touch offered, the bank president said.

“Our decisions are made either here in Spring Hill or in downtown Franklin,” Herrington said. “That means a lot to the customer to know when you have a loan request, people that you live with and you know and go to church with are going to be making those decisions.”

Maynard has worked with Spring Hill residents since the bank’s inception. The residents served as shareholders before the Spring Hill branch opened, and it was a natural transition to locate there, he added.

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